Wolf Popper LLP Announces Proposed Settlement of Class Action Lawsuit Involving Purchasers of Kobe Steel, Ltd. American Depository Receipts and/or Ordinary Shares

NEW YORK, Dec. 21, 2018 /PRNewswire/ --

SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT

To: All Persons Who Purchased or Otherwise Acquired American Depository Receipts and/or ordinary shares of Kobe Steel, Ltd. on the open market in the United States from May 29, 2013 through and including March 5, 2018, and were damaged thereby (the "Settlement Class").

A hearing will be held at 11:00 a.m. on February 21, 2019, before the Honorable Vernon S. Broderick at the United States District Court for the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, Courtroom 518, New York, NY 10007, to determine whether (1) the proposed Settlement of the action titled Aude v. Kobe Steel, Ltd. et al., Case No. 1:17-cv-10085-VSB (the "Action"), for the sum of $500,000 should be approved by the Court as fair, reasonable, and adequate; (2) the Court should approve the Plan of Allocation of Settlement proceeds as fair, reasonable, and adequate; (3) Lead Counsel should be awarded up to 25% of the $500,000 settlement amount and reimbursed for up to $12,500 of litigation expenses, and Lead Plaintiff should be awarded up to $1,000 in reimbursement of time and expenses; and (4) the Court should enter the Judgment dismissing the Action with prejudice. The Court may change the hearing date without further notice to the Settlement Class.

If you purchased or acquired American Depository Receipts and/or ordinary shares of Kobe Steel, Ltd. on an open market in the United States during May 29, 2013 through and including March 5, 2018, and were allegedly damaged thereby, your rights may be affected by this Settlement. If you have not received a Postcard Notice, or a detailed Notice of Proposed Class Action Settlement (the "Notice") and a copy of the Proof of Claim and Release form, you may obtain them free of charge at the Claims Administrator's website, www.kobesteelsecuritieslitigation.com, or by contacting the Claims Administrator by phone toll free at 1-800-513-1506 or by mail at Aude v. Kobe Steel, Ltd. et al., c/o A.B. Data, Ltd., P.O. Box 173058, Milwaukee, WI 53217.

If you are a Settlement Class Member and wish to share in the Settlement proceeds, you must complete and submit a Proof of Claim and Release form to the Claims Administrator, postmarked no later than March 27, 2019, establishing that you are entitled to recovery. If you fail to submit a valid Proof of Claim and Release by this deadline in accordance with the instructions in the form, you will not recover from the Net Settlement Fund, but you will nevertheless be bound by the Settlement and releases provided for therein and by the Court's Judgment dismissing the Action with prejudice.

If you are a Settlement Class Member and wish to object to any aspect of the Settlement, the Plan of Allocation, Lead Counsel's Fee and Expense Application or Lead Plaintiff's Reimbursement of Expense Application, you must submit your written objection in the manner set forth in the Notice no later than February 1, 2019. Only Settlement Class Members who have submitted valid and timely written objections and provided notice of their intent to appear in accordance with the instructions in the Notice will be entitled to be heard at the hearing on February 21, 2019.

Notwithstanding any objection you may submit, you will be bound by the Settlement and releases provided for therein and by the Court's Judgment dismissing the Action unless you request to be excluded from the Settlement Class. To request exclusion, you must submit a written request in the manner set forth in the Notice no later than February 1, 2019. If you submit a timely and valid request to be excluded from the Settlement Class, you will not be required to waive or release any claims against Defendants, you will not receive any payment or other benefit in the Settlement, and you will not be bound by the Settlement or any other order or Judgment that may be entered by the Court.

Inquiries, other than requests for the Notice, may be made to Lead Counsel for the Settlement Class at Robert C. Finkel, Esq., Wolf Popper LLP, 845 Third Avenue, New York, New York 10022, Tel.: (212) 759-4600.

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, DEFENDANTS, OR THEIR COUNSEL REGARDING THIS NOTICE.

DATED:         December 21, 2018                                         BY ORDER OF THE COURT

SOURCE Wolf Popper LLP